Koreans Increasingly Embrace Cashless Society
Following the transition to a cashless society, an increasing number of Koreans are no longer using wallets because their smartphones are proving to be more convenient. The growing preference for digital wallets comes as mobile payment methods are becoming a lucrative business in Korea’s increasingly cashless society, with tech giants both domestic and abroad, such as Samsung Electronics, Naver Financial and Apple, capitalizing on their tech prowess to introduce mobile payment systems here. Payment services provided by smartphone makers such as Samsung Pay, LG Pay and Apple Pay marked notable growth. Cashless society is coming!